LONDON — The wealthiest 1% of the world will soon own more than the rest of the planet's population, according to a new report from the charity Oxfam.
The study shows that the proportion of the world's wealth owned by the richest 1% increased from 44% in 2009 to 48% in 2014, and Oxfam says it expects that to increase to more than 50% by 2016.
The news comes just days ahead of the World Economic Forum, which sees political and business leaders from around the world convene in Davos, Switzerland.
Winnie Byanyima, Oxfam's executive director, is set to co-chair the event, and wants to use the charity's role to highlight inequality and demand action. She said the scale of global inequality was "simply staggering" in a statement. Read more...
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